Powers of Attorney
Lasting Powers of Attorney
Lasting Powers of Attorney
Lasting Powers of Attorney (LPA) are very important and powerful legal documents. Just as a Will records who is to act as Executor(s) at the time of your death, the two types of LPAs separately record who (Attorney(s)) is to manage your property and financial affairs, including any business interests, and make decisions about your personal welfare when you are unable to do so at anytime during your lifetime. Unfortunately accidents and illness can strike at any time.
Most people do not appreciate the problems that may arise through not having a Power of Attorney when it is needed.
Did you know that even a joint building society or bank account may be frozen if ONE of the account holders lacks mental capacity and there is no LPA set up to use?
Many wrongly assume that a relative can simply "step into their shoes" and act in their affairs if this is required. Instead, they are faced with the harsh reality of assets being frozen and having to go to the Court of Protection for authority to act.
When someone is unable to deal with their own affairs through illness, this is normally the only avenue open to relatives unless a Power of Attorney has already been granted.
This process involves long delays and considerable expense which could easily have been avoided if a Power of Attorney had been granted when the person was fit and able. For peace of mind it is important that you make a Lasting Power of Attorney (LPA) to nominate someone you trust now to make important decisions on your behalf in the future. LPAs are often left too late and you cannot make an LPA if you are no longer able to make decisions for yourself.
In a similar way to having an up to date Will available, having LPAs available when they are needed relieves loved ones of a great deal of expense, stress and time wasting. By recording the person(s) who is to act on your behalf when you are unable to do so, allows certainty to prevail, your affairs to be handled, family differences avoided, and any business matters to be progressed, at a very emotional and stressful time. Decisions and actions can be taken immediately.
Once an LPA is registered with the Office of The Public Guardian, the nominated Attorney(s) can act according to the powers granted to them. At all times an Attorney must act in your best interests compliant with the Mental Capacity Act. 2005. The Court of Protection oversees that this is so.
LPAs are often complex. It is recommended that guidance is obtained on the options available and the process involved, ideally in the privacy of your home, from those who specialise in providing legal services. Typical costs would be £215 for a single and £400 for a couple.
A Personal Welfare LPA is important to those who want a particular person(s) to oversee their future care, a Property & Financial Affairs LPA is considered to be essential to everyone with assets and financial responsibilities over the age of 18 years.
If there is no LPA available when one is needed a member(s) of your family or a friend(s) will need to apply to the Court of Protection to obtain authority to make decisions on your behalf, whether in respect of financial matters and or personal welfare. This is far from straightforward, is a very expensive and a lengthy process. There is no guarantee authority will be granted, whilst the person(s) authorised will not necessarily be the one(s) you would have chosen!
Contact The Wills Trusts and Probate Practice on 0800 612 6371 OR 07954 162 522